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With your Federal Reserve decision, the overwhelming consensus saying a 25 basis point cut, here's Mike McKee.

It is a 25 basis point cut, and the number of cuts forecast for next year has been cut in half to just two.

Another two are seen in 2006 and one in 2007.

And as the long-run Fed funds rate, expectation rises to 3%. If that's basically seen as Fed officials' view of the neutral rate,

they won't get there under this dot plot until 2008.

We have one dissent.

New Cleveland Fed President Beth Hammock casts her first, preferring to leave rates unchanged.

Interestingly, three other members of the committee, presumably non-voters, agreed with her.

Ten members see two cuts next year,

five see three or more, three forecast one, and there's one member who thinks optimal policy

would be to leave rates unchanged all of 2026 and 25. There is only one change to the statement.

...